Finance Act, 2020 - Impact On The Manufacturing Sector

On 31 December 2020, the President signed the Finance Bill, 2020 (now Finance Act, 2020) into law, alongside the 2021 Appropriation Act. Indeed, the introduction of the Finance Act, 2020 (FA 2020) at the beginning of fiscal year 2021 is a step in the right direction. One can come to a conclusion that the Nigerian government is making conscious efforts to align its local laws with global best practices, promote fiscal equity, improve the ease of doing business, provide support for small businesses and cultivate a suitable environment for investment in infrastructure. The effort of the Nigerian government towards ensuring that the Finance Act is finalized and that it accompanies the Appropriation Act yearly must be commended. It is a forward-thinking initiative and we believe that with this yearly review of the tax laws, all redundant and ambiguous sections of our tax laws will soon be eliminated.